Price Gains Continue to be Evident Through First Quarter of 2014
Less Inventory Contributing to Lower Sales Volume
When aggregating the data for single-family homes, vacant land and attached homes, a first quarter contraction in the number of sales and total dollar volume of sales is noted. This phenomenon is attributed to a decrease in the inventory available for purchase that is reported by Realtors and real estate shoppers alike. The decrease in the number of single-family home sales (-32.69%) was the primary cause of the contracting numbers, with attached homes and vacant land sales actually showing increases in volume numbers (attached homes volume increased by 5% and vacant land sales increased in number by 35%). First quarter aggregated data also showed an overall contraction in average price. However, this is a misleading indicator that is resulting from the overall average price in the first quarter being comprised of less single-family homes (which typically exhibit higher prices) and more less expensive vacant lots and attached homes.
When Aggregated Market First Quarter Comparison of Sales Data Appears to Show a Contraction in the Main Three Metrics of Number of Sales, Dollar Volume of Sales and Average Sales Price:
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Andrew Cornish MAI, SRA